Price continues to move within the consolidation limits at $7,100-7,800.
Buyers do not want to change the situation at the moment.
There is a high probability of the test of $7,550-7,800 within the consolidation triangle.
The end of the trading week in Bitcoin market does not add positive tones to buyers at all. Starting from 9 December, sellers passively but regularly push the price below. The volumes used by sellers are small enough to continue the fall. Lack of resistance is a main problem of buyers. If we look at the situation which started in the market when Bitcoin price approaches $7,220, we can see that sellers have stopped falling and showed a clear weakness. However, buyers did not use this opportunity for another test of the price range $7,550-7,800. Thus, the next probable buyers stop is at the mark $7,060, which will be the turning point before the mark $5,500.
If we analyze the 4-hour timeframe, it becomes clear that buyers, during 11 candles, were building a local trend. And only two candles of sellers were able to cross it:
However, the fact that all this is happening in the limits of consolidation on low volumes make us not to draw hasty conclusions but to wait for the volume to emerge. Manipulating the price in the range without volumes is much easier and cheaper than when a truly interested party appears on the market.
The situation on the chart of marginal positions of buyers continues to be the different from the pattern of Bitcoin price movement:
The chart shows that buyers do not doubt about the growth of this coin.
The mood of sellers is not so clear:
Sellers cannot start building a new trend of marginal positions growth, although the market situation is conducive.
According to the wave analysis, the price continues to be in the triangle. And to complete the trading within the triangle there is a lack of formation of another wave of growth (e):
Nevertheless, signals from buyers that they will be able to form this wave is not yet noticed.
In general, the price continues its movement in the range of $7,100-7,800. Tomorrow, we will analyze the weekly prospects of Bitcoin and highlight two main scenarios with targets.
Image Courtesy: TradingView